Pending Home Sales Held Back by Scarce Inventory

first_img Inventory National Association of Realtors Pending-Home Sales 2016-01-28 Staff Writer in Daily Dose, Data, Featured, News “Warmer than average weather and more favorable inventory conditions compared to other parts of the country encouraged more households in the Northeast to make the decision to buy last month,” said Lawrence Yun, NAR Chief Economist. “Overall, while sustained job creation is spurring more activity compared to a year ago, the ability to find available homes in affordable price ranges is difficult for buyers in many job creating areas. With homebuilding still grossly inadequate, steady price appreciation and tight supply conditions aren’t going away any time soon.” Share January 28, 2016 547 Views center_img Buyers that signed contracts to buy existing homes are being stopped by one major problem in the housing market—fewer options in the housing market.Pending home sales moved up very little in December 2015, coming in much less than projected by industry experts. According to the National Association of Realtors’ (NAR) Pending Home Sales Index, pending home sales rose only 0.1 percent to 106.8 in December, marking the 16th month of consecutive increases.The index, which tracks contract signings, found that pending home sales stood at 106.7 in November 2015 and is up 4.2 percent year-over-year in December from last year’s total of 102.5. Pending Home Sales Held Back by Scarce Inventory Source: National Association of Home BuildersWas the TILA-RESPA Integrated Disclosure (TRID) rule a factor in the small rise in pending home sales for December?Ralph B. McLaughlin, Chief Economist at Trulia suggested, “The December Fed rate hike had negligible impact on new contracts signed, as pending home sales increased slightly. This also suggests that December’s big jump in existing sales was likely a result of TRID-RESPA. December’s small month-over-month increase of 0.1 percent pending home sales further suggests that it was TRID-RESPA, not a sharp increase in demand ­ that drove existing sales last month.”The NAR expects existing-homes sales to rise about 1.5 percent to 5.34 million in 2016, while the national median existing-home price for all of this year is expected to increase between 4 and 5 percent.According to the report, renters should see some relief, as rents slow to 3.3 percent growth in 2013 from 3.6 percent a year ago, the NAR estimates. are expected to slightly slow to 3.3 percent growth in 2016 from 3.6 percent a year ago.Leading the small increase among pending home sales is the Northeast region, with a 6.1 percent increase to 97.8 in December and is now 15.3 percent higher than it was a year ago, the report showed. The Midwest saw a 1.1 percent drop in pending home sales to 103.6, but is 3.6 higher than last year.Southern pending home sales fell 0.5 percent to an index of 119.3 in December, but are 1.0 percent above last year, while sales in the West decreased 2.1 percent in December to 97.5, but are 3.4 percent above a year ago.Yun said that demand may see some slowdown in the near future—even though the positive employment situation may tempt more households to buy—due to the tumultuous start of the year in stocks and the energy sector.”The silver lining from the market turmoil in recent weeks is the fact that mortgage rates have slightly declined,” Yun stated. “Buyers looking to close on a home before the spring buying season begins may be rewarded with a mortgage rate at or below 4 percent.”last_img read more

Last minute summer deals

first_imgWhen it comes to last minute flights, there’s more to being flexible than choosing anti-social flight times or making your trip Thursday-Saturday over Friday-Sunday. It also means being flexible about your destination and the airport you’re flying from. So open your mind and bag a deal by exploring Skyscanner’s Search Everywhere option for your dream destination for right now. 1. Get flexitarian with travel Source a steal of a late summer holiday with the Skyscanner guide to late flight deals… RelatedMythbusters: What are charter flights and how to find a good dealBudget charter flights could be a great option if you’re looking to get away for a bargain holiday. Here’s a rundown of the whats, wheres and whens of getting a great deal.Last minute flights: here’s how to find late travel dealsIn the era of budget airlines, are last minute flights dead? Not if you know how, when, and where to look… Here’s some tried and tested tips on how to bag a last minute flight bargain. Search for last minute flights nowSummer holiday dealsPlanning your summer getaway? Now’s the best time to book with lots of great deals to popular destinations. Find the cheapest flights from your nearest airport or discover some of our favourite destinations below… 2. Get wise to charges 3. Think creatively about destination airports Couldn’t fit in a high-season holiday? Don’t stress; savvy travellers know that the end of the summer is the perfect time to bag a bargain break. You just need to have a few tricks up your sleeve, and travel with an open mind. Plenty of destinations are at their most charming in late summer, and as well as saving serious pounds, you’ll be skipping the crowds. Here’s how to bag a great-value getaway before summer is out… Search for last minute summer deals If you have your heart set on a particular destination that seems pricey, consider flying to a nearby city with good rail or coach transport links. Italian cities, for example, are generally well-connected by train and just a couple of hours from each other, and if you embrace it, the journey really can be part of your holiday. Crack open Google Maps and see what you see; you might be able to fly into an airport just an hour from your chosen destination.  ReturnOne wayMulti-cityFromAdd nearby airports ToAdd nearby airportsDepart14/08/2019Return21/08/2019Cabin Class & Travellers1 adult, EconomyDirect flights onlySearch flights Map Nothing scuppers a supposed ‘shoulder season bargain’ like extra fees. So really look into it: if you want to change your departure date, what’s the charge? Is it really cheaper to go with a budget carrier that charges you for your baggage, or is a flag-carrier better in this instance? Also watch out for flights that are so early you need to get a taxi to the airport as public transport isn’t an option; this sort of thing can completely negate any saving you’ve made.last_img read more